Cryptocurrency is a type of decentralized digital currency. Cryptocurrencies utilize blockchain ledgers to record and validate transactions. The first cryptocurrency was bitcoin, which debuted in 2009, and nearly 900 cryptocurrencies have been created as of 2017, although very few have seen widespread adoption.

Deeper definition

When cryptocurrency is used to pay for goods or services, each transaction is securely encrypted and recorded in a public ledger called a blockchain. The blockchain ensures a cryptocurrency's integrity and eliminates the need for a central administrator, such as a treasury or a central bank. Cryptocurrency users connect directly to each other in eer-to-peer transactions, with a degree of anonymity provided by the blockchain ledger. A cryptocurrency wallet is used to store various kinds of cryptocurrency.

Bitcoin was the first cryptocurrency and it remains the most popular, with millions of users trading the 16 million bitcoins currently in electronic circulation. In its wake, many imitators appeared, and virtually all of them replicated bitcoin's approach while adding unique twists. Some of the first imitators, such as Namecoin and Litecoin, improved upon bitcoin's security, although none of them have seen mainstream adoption like bitcoin, which as of 2017 is accepted at over 100,000 online retailers.

Other cryptocurrencies, like Nxt, resemble a computing platform more than a currency used for payment purposes. Where bitcoin simply registers ownership of coins, Nxt's blockchain offers several transaction types, such as data storage or commodities trading, and allows users to build apps that utilize the Nxt blockchain.

Ethereum is a cryptocurrency called ether to power a globally shared computer environment. Ethereum transactions are validated on a blockchain like other protocols, but these transactions don't simply confirm spent cryptocurrency; rather, whole computations are recorded in each block, and the price of performing the computation, what's called "gas," is paid with ether. The processing power necessary for the computation is provided by users called "miners" who keep the ether as a reward.

Not ready to take the cryptocurrency plunge? You can always make online payments with a credit card, and Bankrate has the list of the best cash-back cards.

Cryptocurrency example

One way to understand the difference between bitcoin and ethereum is to think of bitcoin as a currency enabled by a blockchain and ethereum as a blockchain enabled by currency. Whereas bitcoin exists to be spent, ethereum's purpose is to provide a computing and business ecosystem. You can't spend ether on Amazon like you can with bitcoin, but you can use it to run an ethereum-based business or app without a middleman like J.P. Morgan or Apple.

A peculiar cryptocurrency named after the Russian president, PutinCoin, was among the best-performing digital assets on Friday.

PutinCoin was up 126 percent on the cryptocurrency exchange YoBiton Friday, trading at $0.04. The currency has a market cap of over $7 million.

"PutinCoin was created to pay tribute to the people and the president of one of the largest and greatest countries in the world: Russia! With PutinCoin a lot of possibilities will be provided for businesses, traders, private persons and social projects as the technology, services and apps are freely usable by everybody on this planet,"says the cryptocurrency's website.

A peculiar cryptocurrency named after the Russian president, PutinCoin, was among the best-performing digital assets on Friday.

PutinCoin was up 126 percent on the cryptocurrency exchange YoBiton Friday, trading at $0.04. The currency has a market cap of over $7 million.

"PutinCoin was created to pay tribute to the people and the president of one of the largest and greatest countries in the world: Russia! With PutinCoin a lot of possibilities will be provided for businesses, traders, private persons and social projects as the technology, services and apps are freely usable by everybody on this planet,"says the cryptocurrency's website.

Exploring the world of cryptocurrencies and reaching profitable success is now easy with CoinChoose! A platform that presents everything you’ll need to get started with digital currencies and venture into crypto mining is now in your hands. And your future in the crypto mining industry begins here.

To the uninitiated, Bitcoin isn’t the only cryptocurrency that exists. There are far more cryptocurrencies than you can imagine, although not all reach the same level with Bitcoin. Treat the cryptocurrencies as individuals that comprise the cryptocurrency market, each with unique and similar characteristics that help define one from the other. This is exactly how Bitcoin stands out from the rest, as well as how other cryptocurrencies like Ethereum, Ripple, and Litecoin receive increasing support.

Bitcoin, as you might have heard, is the most successful cryptocurrency to date. Increasing Bitcoin adoption across the globe reflects the numerous companies, services, and technologies we get to enjoy and experience today. A-list companies like Microsoft and Dell, together with an expanding list of adopters, recognize the potential in Bitcoin to become an alternative payment system, if not the replacement of fiat currencies.

But beyond the nearing mainstream success story of Bitcoin are the other hopefuls eagerly waiting for their turn to stay in the spotlight for a much longer time. With some cryptocurrencies making waves as of late, it becomes interesting to stay on top of the developments and trends that can take place within a mere fraction of a second.

Here at CoinChoose, we’re giving you the cryptocurrencies that you should give more attention to. This is why we’ve trimmed down for you the list to the 20 coins with the highest market cap. These are the cryptocurrencies that aren’t only popular within the global community of crypto users, but they are also the digital currencies that are worth spending resources on. Make sure to check out what we’ve prepared for you in the Coins section.

Discover the cryptocurrency exchanges

More than the various cryptocurrencies are the need for a broader understanding of the online exchanges. Traditionally ruled by Bitcoin exchanges, today’s market gives rise to the demand for crypto exchanges that cater to the different cryptocurrencies.

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Alphacoin – Alphacoin is a form of cryptocurrency based on Litecoin. While it is less valuable to Bitcoin, Alphacoin’s scrypt algorithm makes it easier to acquire and to use for transactions.

American Coin – American Coin is a Litecoin-based cryptocurrency that is also considered the most patriotic cryptocurrency ever made. Mining American Coin is easier because it has a memory hard scrypt-based mining system that can be mined with regular CPU and GPU.

Anoncoin – Anoncoin is a cryptocurrency that supports the Invisible Internet Project (I2P) that enables secured processing of applications. A block process using Anoncoin takes 3.42 minutes, which makes every transaction faster than using other cryptocurrencies.

BBQCoin – BBQCoin is a cryptocurrency derived from the Bitcoin protocol. While it is nearly identical to Bitcoin, the difference between the two is that BBQCoin can be efficiently mined with consumer-grade hardware.

BetaCoin – BetaCoin is a cryptocurrency based on the Bitcoin protocol. The three main features of BetaCoin that separates it with Bitcoin are “Proof of Work” in mining, 2.5x faster transaction confirmation, and smaller annual supply after reaching 32 million coin units.

BitBar – BitBar is a cryptocurrency, which is a compilation of RareCoin and FairNova projects. BitBar offers a block reward of 0.15662 BTB every 10 minutes and uses the scrypt algorithm as its prook of work scheme.

Bitcoin – Bitcoin is the first implementation of cryptocurrency introduced by a pseudonymous developer named Satoshi Nakamoto. The most popular way of accumulating Bitcoins is through a process called Bitcoin Mining.

Bottlecaps – Bottlecaps is a cryptocurrency that functions on the scrypt algorithm. Bottlecaps offers a block reward of 10 coins and it will produce 47,433,600 coins after nine years.

Bytecoin – Bytecoin (BTE) is a cryptocurrency designed as the real alternative to Bitcoin. Bytecoin maintains a low difficulty fluctuation ensuring that your mining experience will not suffer from extreme changes allowing you to gain more profits during a mining period.

CHNCoin – CHNCoin is a Litecoin-based cryptocurrency that uses scrypt algorithm as its proof of work. CHNCoin offers a block reward of 88 coins and has a total of 462.5 million coins.

Cosmoscoin – Cosmoscoin is a cryptocurrency that combines features of Bitcoin, Litecoin, Novacoin, and Florincoin. Some characteristics of Cosmoscoin include zero transaction fees and a fast confirmation time of 1.5 minutes.

Craftcoin – Craftcoin is a cryptocurrency designed as an in-game currency for Minecraft servers. Using scrypt as its proof of work, Craftcoin is free for anybody who wants to use it for both private and commercial use.

CryptogenicBullion – CryptogenicBullion is a cryptocurrency that has the same features as Bitcoin. CryptogenicBullion uses scrypt algorithm to protect its network from malicious threats and force attacks.

Devcoin – Devcoin is a cryptographic currency based on Bitcoin and was created to help fund open source project developed by writers and software developers. Devcoin uses the SHA-256 as its proof of work and people earn DVC by helping in the organization of the Devcoin project.

DigitalCoin – DigitalCoin is a cryptocurrency that has a low volatility level compared to other cryptographic currencies. DigitalCoin is considered as one of the fastest way of sending and receiving money.

DogeCoin – DogeCoin is a cryptocurrency based on Litecoin developed by programmer and former IBM engineer Billy Markus and his friend, Jackson Palmer. You need to have a DogeCoin Wallet before you can start accumulating DogeCoins.

Elacoin – Elacoin is a Crytographic currency known as the “Cryptocurrency for everyone”. Elacoin features an elastic block reward algorithm, stability and fast transaction confirmation.

Elephantcoin – Elephantcoin is a cryptocurrency based on Litecoin and combines the regular blocks with random super blocks. Elephantcoin allows transaction messages and offers a fast transaction confirmation.

eMark – eMark is a German cryptocurrency released in 2013. eMark ensures its users of secured and fast transactions.

Ethereum – Etherium is a cryptocurrency that shares the same concept as digital coins like Bitcoin and Litecoin. While sharing the same concept with other cryptocurrencies like Bitcoin, Etherium’s blockchain for one, targets and maintains the programming code of decentralized applications.

ExtremeCoin – ExtremeCoin is a cryptograph currency based on Litecoin. Defined as a “little startup Litecoin clone”, Extremecoin has features that provide opportunities and advantages, despite being new in the cryptocurrency industry.

Fastcoin – Fastcoin is a cryptocurrency based on Bitcoin and is relatively new in the market. Hailed as the “fastest, completely secure crypto-currency in the market”, Fastcoin enables you to send and receive money anytime, anywhere in an instant.

Feathercoin – Feathercoin is a cryptographic currency powered by scrypt algorithm. Featherless delivers fast payments and all transactions can be processed by anyone with affordable computer software using open-source software.

Franko – Franko is a decentralized cryptocurrency based on Litecoin protocol. Aside from ensuring fast and secured transactions, Franko boasts of a more competitive price in the trading market, putting it above other alternative coins in terms of market performance.

Freicoin – Freicoin is a Bitcoin-based cryptographic currency that allows secured transactions to happen. Freicon has qualities that ensure the public of its reliability: transparent, fair, and secure.

Grandcoin – Grandcoin is a cryptographic currency that is based on Litecoin protocol. Released in 2013, this decentralized currency is known to pay a grand per block and uses scrypt algorithm to protect its network from hardware attacks.

Hobonickels – Hobonickels is a decentralized cryptocurrency designed to provide easier and more efficient way of online transactions. Hobonickels uses the same scrypt algorithm used by Bottlecaps.

IOCoin – IOCoin is one of the earliest cryptographic currencies and is based on IXcoin. IOCCoin features a wallet designed to provide seamless transactions without requiring its users of too much network space.

IXCoin – IXCoin is a cryptocurrency based on Bitcoin protocol and as such is using SHA-256 algorithm. What sets it apart from Bitcoin is that IXCoin has a shorter maturity.

Joulecoin – Joulecoin is a Bitcoin-based cryptocurrency that functions on SHA-256 algortithm. The goal of Joulecoin is to provide its users with quick confirmations and transaction comments.

Litecoin – Litecoin is a decentralized cryptographic currency based on Bitcoin protocol. Litecoin is a popular cryptocurrency that provides users with instant and hassle-free payments and transactions.

Luckycoin – Luckycoin is Bitcoin-based cryptocurrency released on April 2013. Knowing the mining details of Luckycoin will give you an easier time acquiring this attractive crypto coin.

Megacoin – Megacoin is a cryptographic coin based on Litecoin. One of the newest in the world of decentralized currency, Megacoin will treat you to hassle-free ways of monitoring your balance, trading, and mining more coins.

Mincoin – Mincoin is a Litecoin-based cryptocurrency that uses scrypt algorithm as its proof of work. Short Minimalist Coin, it only takes one minute before a new block is created in Mincoin.

Neocoin – Neocoin is a cryptocurrency based on Bitcoin protocol. Backed with distinct features that set it apart from other decentralized currencies, Neocoin aims to provide users with innovative system of payments and trading.

Noirbits – Noirbits is a community-managed cryptocurrency based on Litecoin protocol. Noirbits is expected to be run by the community for nine years to provide seamless transactions within its network.

Novacoin – Novacoin is a PPCoin-baesd cryptographic currency that uses a hybrid of the proof-of-work and proof-of-stake systems. Novacoin is a recognized cryptocurrency in the industry and is one of the well-established online currencies in the market today.

Nybble – Nybble is a cryptocurrency released in the second quarter of 2013. Nyblle is considered as the “first honest currency of the GPU era” as it aims to address the flaws of its predecessor-decentralized currencies.

Orbitcoin – Orbitcoin is a cryptocurrency that uses both the proof-of-work and proof-of-stake systems. Orbitcoin’s features aim to help and support the scientific community.

Philosopherstone – Philosopherstone is a decentralized currency that traces its roots from Novacoin and PPCoin. When you take part in mining Philosopherstone, you get 64 coins for every block you mine.

Phoenixcoin – Phoenixcoin is a Litecoin-based cryptocurrency released in May 2013. Phoenixcoin is designed to adapt to the most advanced technology in providing users with quick and reliable transaction methods.

PPCoin – PPCoin is a Bitcoin-based cryptocurrency known to be the first implementation of proof-of-work and proof-of-stake hybrid systems. PPCoin aims to keep most of the original and preferred features of Bitcoin while promoting energy efficiency to users.

Redcoin – Redcoin is a decentralized currency that is being used by gambling sites as an accepted form of payment. Also known as the “fun coin”, Redcoin also provides users with fast and reliable transactions across the globe.

Spots – Spots is a cryptocurrency based on Litecoin protocol and provides an innovative way of purchasing precious metals. Released in mid-2013, Spots enjoys a considerable of support from the online community and is determined to be the standard decentralized currency used for online transactions.

Stablecoin – Stablecoin is a Litecoin-based crypto coin that aims to become the future method of online transactions. Stablecoin has a growing number of network, despite being new to the industry of cryptocurrencies.

Terracoin – Terracoin is one of the decentralized cryptocurrencies based on Bitcoin. With an established core of network that is growing since 2012, Terracoin aims to provide users with instant transaction methods online.

Tigercoin – Tigercoin is a Bitcoin-based cryptocurrency that uses proof-of-work system with SHA-256 to provide users with good profitable opportunities. You can get Tigercoin in several ways, but the Tigercoin Exchange is the fastest way of obtaining this crypto coin.

Unobtanium – Unobtanium is a cryptocurrency based on Bitcoin protocol that uses SHA-256. Released in the fourth quarter of 2013, you can get Unobtanium through its Unobtanium Wallet simply by downloading the latest Windows software.

Xencoin – Xencoin is a Litecoin-based decentralized cryptocurrency developed to be used for various sites. Released in mid-2013, you can get Xencoin downloading Xencoin Wallet, where all the coins you traded, collected and mined get stored.

Sexcoin – Sexcoin is a decentralized cryptocurrency that uses scrypt hash algorithm and a proof-of-work system. Sexcoin produces a block every one minute and rewards you with 12.50 coins for every block.

Etherium Classic – Etherium Classic is a cryptographic currency that uses EtHash as its algorithm. Etherium Classic also uses a proof-of-work scheme you can create a block within 15 seconds.

ASICoin – ASICoin is a decentralized crypto coin that creates a block in 30 seconds and rewards you with 128.00 coins for every block. ASICoin runs under SHA 256 algorithm and uses a proof-of-work system.

Diamond – Diamond is one of the cryptocurrencies that uses both proof-of-work and proof-of-stake schemes backed by Groetl hash algorithm. Diamond creates a block in 1.67 minutes and a block reward of 0.20 coins is given for every block.

Earthcoin – Earthcoin is a decentralized currency that is backed up by scrypt algorithm and has a proof-of-work scheme. Earthcoin produces a block in one minute and has a random annual block reward system from 4,000 to 6,000.

Florin – Florin is one of the many cryptocurrencies that uses scrypt as its hash algorithm. It has a proof-of-work system and creates a block in 40 seconds with a 25.00 coin block reward.

GameCredits – GameCredits is a cryptocurrency that uses proof-of-work scheme and is being run by scrypt hash algorithm. A block in Gamecredits can be created in 1.50 minutes and reward of 12.50 coins is rewarded for every block.

Goldcoin – Goldcoin is a cryptocurrency that produces a block in two minutes and has a 4.00 coin block reward. Goldcoin uses scrypt as its algorithm and is backed by proof-of-work system

Infinitecoin – Infinitecoin is a cryptocurrency that is backed up by proof-of-work system and uses a scryp algorithm, similar to many cryptocurrencies. Infinitecoin produces a single block in 30 seconds and there are 90,600,000,000 coins of this crypto coin to be issued.

Monero – Monero is a decentralized cryptocurrency that creates a single block in two minutes. Monero uses CryptoNight as its algorithm and is backed by proof-of-work scheme.

Mooncoin – Mooncoin is a type of crypto coin that uses a scrypt algorithm and produces a block in 1.50 minutes. Backed by proof-of-work system, Mooncoin has a block reward 17,906 coins.

Opensourcecoin – Opensourcecoin is a cryptocurrency that is backed by SHA 256, similar to Bitcoin. Opensourcecoin uses proof-of-work system and produces a single block in one minute.

BitShares – BitShares is a leading cryptocurrency that assures users of safe and secured online transactions. BitShares uses Delegated Proof of Stake as its system, ensuring users of a flexible protocol.

DigixDAO – DigixDAO is a cryptocurrency built on Etherium protocol. DigixDAO includes features that set it apart from all other forms of crypto coin, ensuring users of transparent transactions.

Doubloons – Doubloons is a cryptocurrency that uses both proof-of-work and proof-of-stake hybrid systmes. Doubloons produces a block in 90 seconds and has a block reward of 150 coins.

Emercoin – Emercoin is a cryptocurrency that you can use for both business and personal usage. Emercoin uses both proof-of-work and proof-of-stake schemes, and is one of the most reliable crypto coins in the industry today.

Factom – Factom is a cryptographic currency that started in 2014 by Paul Snow and David Johnston. Factom ensures users of a system that is honest, trustworthy and immutable.

Globalcoin – Globalcoin is a decentralized cryptocurrency that started in 2013. Some of the advantages of Globalcoin include easy use of wallet and reliability in transactions, among others.

Lisk – Lisk is one of the newest types of cryptocurrencies that started in 2016. Lisk promises users with advanced methods of online transactions as it develops into one of the most stable crypto coin in the industry.

MaidSafe coin – MaidSafe coin is a cryptocurrency that aims to promote safe methods of online transactions. MaidSafe coin started on 2006 and has since been a reliable cryptocurrencies in the market today.

NEM – NEM is a decentralized cryptocurrency that operates under proof-of-importance system. NEM also uses another solution, Eigentrust ++ for validation to ensure safe transactions.

NXT – NXT is a cryptocurrency that offers users of functional and fast transactions online. NXT has features that make it one of the most reliable cryptocurrencies in the market today.

Peerplays – Peerplays is a decentralized cryptocurrency that brands itself as the first peer-to-peer betting platform built solely on a live blockchain. Peerplays has distinct features that make it a unique and innovative decentralized cryptographic currency in the market.

Primecoin – Primecoin is a cryptocurrency based on Bitcoin uses proof-of-work system based on prime numbers. Primecoin prides itself as the first cryptocurrency that uses scientific computing and, as a result, it processes payments 10x faster than other cryptocurrencies like Bitcoin.

Ripple – Ripple is one of the leading cryptocurrencies in the world today. With Ripple, users can expect a better customer experience as it features characteristics such as accessibility

Steem – Steem is a leading decentralized cryptocurrency that offers a reliable rewards system to users. You can exchange Steem coins in crypto coin exchanges such as Poloniex and OpenLedger.

Synereo – Synereo is a cryptocurrency designed to help and support web content creators. Synereo aims to further the work these people, as well as to further the industry of decentralized currency in general.

Waves – Waves is a cryptocurrency that ensures fast transactions to users. Waves creates a block in one minute, making it one of the fastest growing cryptocurrencies in the market today.

Augur – Augur is a decentralized cryptocurrency that aims to provide users with safe and fast transactions. Augur also offers low transaction rates other features that make it one of the leaders in the cryptocurrency industry.

Butterfly coin – Butterfly coin is a cryptocurrency that is making a comeback in the market. Butterfly coin ceased its operations for a time, until 2015 when it started operating again with improved features.

Cloudcoin – Cloudcoin is a cryptocurrency that provides users with an innovative way of crypto coin transactions. Cloudcoin is designed for easy buying and selling that does not require users to download any software.

Hypercoin – Hypercoin is a decentralized cryptocurrency designed for online gaming use. Aside from being the currency used by online games such as Minecraft and Counterstrike, Hypercoin is also a low-energy crypto coin as it is now a 100% proof-of-stake coin.

Junkcoin – Junkcoin is a Litecoin-based decentralized currency that is making waves in the market today. Some of the features of Junkcoin include a block target of one minute and a block reward of 500 coins on your first day of using this crypto coin.

Richcoin – Richcoin is a cryptocurrency based on Litecoin protocol and uses scrypt algorithm. The block target or Richcoin is 88 seconds and it has a block reward of 88 coins.

Royal Coin – Royal Coin is a collaboration of crypto traders who have been in the industry of decentralized currency for years before launching this new crypto coin in 2016. Royal Coin is an experimental currency that has an X13 proof-of-stake system.

Stellar Lumens – Stellar Lumens is a cryptographic currency by platform Stellar. Stellar Lumens can be used for faster online transactions that are safe and reliable.

Satoshi – Satoshi is a unit of measurement in Bitcoin. Named after the pseudonymous developer of Bitcoin, Satoshi is the 100,000,000th of a Bitcoin.

NuCoin – NuCoin is a cryptocurrency that has been in the market for four years. NuCoin can produce a block in two minutes with 300 coins per block.

Coino – Coino is a cryptocurrency that brands itself as “the Cryptocurrency of the Future”. Coino is also the first cryptocurrency that will provide users with virtual credit and debit cards.

Starcoin – Starcoin is a decentralized cryptocurrency that runs on a proof-of-work scheme. Starcoin, which is based on LItecoin protocol, ensures users with a block time of 30 seconds.

EZCoin – EZCoin is a decentralized currency established in 2013. EZCoin uses a proof-of-work scheme and, like many cryptocurrencies in the market, is backed by scrypt algorithm.

Venezuela backs national cryptocurrency with 5,000,000,000 barrels of crude, diamonds and GOLD

December 28, 2017

The President of Venezuela Nicolas Maduro has promised to back the national cryptocurrency Petro with the country's vast natural resource reserves.

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Venezuela's President Nicolas Maduro speaks during his weekly radio and TV broadcast Venezuela to launch 'Petro' cryptocurrency to fight Trump's 'financial blockade'

"Here's the document formalizing the provision of the certified Ayacucho oil field No.1 in the Orinoco Petroleum Belt for the support of El Petro cryptocurrency," Maduro said on national TV.

Maduro said the field's "reserves amount to five billion barrels of oil,"which is confirmed by the corresponding "international certificate."

"Every single Petro will be backed by a barrel of oil," Maduro said, promising to provide cryptocurrency mining throughout the country. "We will set up a special team of cryptocurrency specialists so they will be engaged in mining in all states and municipalities of our country."

The Venezuelan leader has also promised to allocate Arco Minero gold deposits from the Orinoco Belt along with the country's diamond deposits.

The new cryptocurrency was announced by Maduro at the beginning of December as a way "to innovate toward new forms of international finance for the economic and social development of the country."

He said its value would be pegged to the country's vast reserves of oil and gas as well as its mineral wealth, including gold. The Venezuelan president explained the purpose was "to advance the country's monetary sovereignty, to carry out financial transactions and to defeat the financial blockade against the country."